Ok, so apparently 14 or more state Attorneys General, including my state's AG, Mike Cox, have filed lawsuits to try to stop the recently enacted Healthcare Reform Act.  These AG's claim to acting in the interests of their citizens to "protect" them against waste, fraud, and so-called unconstitutional mandates by the federal government.  Apparently in … Continue reading

Healthcare Reform in 2 sentences

Excerpting from Brad Delong: we have moved from having by far the worst health care financing system in the OECD to a health care financing system that is merely bad by the standards of the OECD... ...People will wake up one morning and realise that the healthcare bill hasn’t brought socialism to America. And ... … Continue reading Healthcare Reform in 2 sentences

They’re Catching Us! (yeah, sort of)

The latest unemployment stats (Feb 2009) by state are out at BLS. Nationally, it's still an ugly picture. But for Michigan, which has been through so much pain, things are still continuing to improve.  Slowly, but it's the right direction.  The rate is now down to 14.1% from a high of the mid-15's last year.  … Continue reading They’re Catching Us! (yeah, sort of)

GDP Q4, 2009 revised down to 5.6% Growth rate

The last of the regular revisions of the quarterly GDP estimates for 2009 shows 5.6% GDP growth rate in 4Q 2009. That's down from the 2nd revision's estimate of 5.9%.  Not a big adjustment, but disturbing that the source of the adjustment is a downward revision in C and I.  C (represented as PCE-Personal Consumption … Continue reading GDP Q4, 2009 revised down to 5.6% Growth rate

Scare-mongering on Social Security Continues

I thought Halloween and it's horrible scary-stories was 5 months ago.  Apparently I'm wrong. The NY Times is running a front-page (on the web at least) scary headline about Social Security that implies the system is starting to fail and will go bust.  Nonsense.  I'll let Randy Wray from UMKC and New Economic Perspectives explain: … Continue reading Scare-mongering on Social Security Continues

The US Government is NOT like a Household

The US Government (and it's budget) is NOT like a household or a corporation.  Anybody who uses this time-worn analogy is simply not telling the truth and is likely either ignorant or is trying to pull the wool over your eyes.  Randy Wray explains the many reasons.  You (your household) must finance your spending (either … Continue reading The US Government is NOT like a Household

More on Modern Banking – end of fractional reserves

More on MMT & end of fractional reserve banking:  From Naked Capitalism and Washington's Blog. There's more in the entire post to see, but this is a critical part (bold is mine): ... From Fractional to Fictional Reserves But whatever you think about fractional reserve banking, whether or not you agree with its critics, the … Continue reading More on Modern Banking – end of fractional reserves